Iowa near the top for commercial development

The construction of commercial real estate properties generated $3 billion last year in Iowa, landing the state the No. 5 overall ranking in a national analysis of development activity.

Iowa ranked No. 2 in construction of industrial properties and No. 5 in office development, according to the report from NAIOP, the Commercial Real Estate Development Association. Earnings by construction workers also ranked No. 5 in the nation.

Construction of industrial properties generated $2 billion in Iowa, while office development generated $865 million in spending.

In other sectors, Iowa ranked 32nd in both warehouse and retail development.

Iowa construction workers earned $1.9 billion last year, according to the report.

The organization said construction activity in the nation was the strongest since 2011, with expenditures of $124 billion, up from $100 billion in 2012. Earnings from wages and salaries totaled $120 billion, and the commercial construction industry supported 2.8 million jobs, up from nearly 2.3 million the previous year.